Latest in Gear

Image credit:

PayPal buys money-saving service Honey for $4 billion

PayPal could now help customers at the start of their shopping experience, not the end.
Matt Brian, @m4tt
November 21, 2019
239 Shares
Share
Tweet
Share

Sponsored Links

Honey

Even before it split with eBay, money transfer service PayPal consistently sought new ways to part consumers from their cash. It hasn't strayed far from its core competences, acquiring payment companies like Braintree (and as a result Venmo), Xoom and iZettle, but its latest purchase will see the company dive right back into the online shopping space.

That's because PayPal has snapped up Honey, the popular money-saving service, in a deal worth $4 billion. It's PayPal's biggest ever acquisition and will see both companies attempt to further "simplify and personalize shopping experiences for consumers," while helping more than 30,000 retailers get those customers through their online checkouts.

Over 17 million people already use a Honey app or browser extension. Once installed, Honey tracks price changes on retailer websites but can also automatically input coupon codes when a user enters an online checkout. If no coupons are available, Honey may also offer loyalty points that can be redeemed as gift cards.

Given that PayPal already has 24 million online merchants on its books, its latest acquisition will allow it to better target and personalize experiences for consumers the minute they arrive on a website. With companies like Apple, Google and Facebook moving further into the payment space, capturing the attention of shoppers at the start of their visit rather them helping them pay for their goods at the end could give PayPal the springboard it needs to become much more than just a payment company.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
239 Shares
Share
Tweet
Share

Popular on Engadget

The redesigned Tesla Model S interior swaps in a steering yoke

The redesigned Tesla Model S interior swaps in a steering yoke

View
NASA's asteroid-sampling OSIRIS-REx probe will head back to Earth in May

NASA's asteroid-sampling OSIRIS-REx probe will head back to Earth in May

View
Apple reports $111 billion in quarterly revenue, shattering previous record

Apple reports $111 billion in quarterly revenue, shattering previous record

View
US arrests far-right Twitter troll for 2016 election interference

US arrests far-right Twitter troll for 2016 election interference

View
Amazon’s motorized Echo Show 10 goes on sale February 25th

Amazon’s motorized Echo Show 10 goes on sale February 25th

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr